Answer: credit to Common Stock Dividends Distributable for $43500
Explanation:
Based on the information given in the question, the entry to record the transaction of May 24 goes thus:
Debit Stock Dividend = 87000 × 5% × $16 = $69600
Credit To Common Stock Dividend Distributable = 87000 × 5% × $10 = $43500
Credit To Paid in capital in excess of Par - Common Stock = $69600 - $43500 = $26100
Answer: D.) Andy is a household providing a productive resource to one firm and receiving a service from another firm
Explanation: In the context above, Andy is an household in the fast food restaurant, as he provides labor needed for the running of the fast food firm which inturn provides goods and services to its consumers. Labor provided by Andy is a productive resource which is required by the first food firm for efficient functioning and product. Other productive resources may also include capital and land. From Andy's income, he buys ticket to a rock concert where he now becomes the receiver of another firm's services.
Answer:
B is the correct answer.
Explanation:
Business proposals are formal written statements made on a customer's inquiry. It can also be called as a report in which a seller describes how the business can best fulfill the needs of a customer and includes a detailed manner what the company has to offer, what the company can provide and how it can match to the buyers request and why your product is the best choice for the buyer.
It is written as a response to Request for Proposal (RFP). Request for proposal is written to request goods and services. The various sections of a business proposal are cover letter, title page, table of contents, Executive summary, procedures.
Answer: The journal entries for each of the transactions are:
a) Debit Credit
Bad debt expense $10,550
Allowance for doubtful accounts $10,550
b) Debit Credit
Allowance for doubtful accounts $1,100
Accounts receivable $1,100
Explanation:
a) There was already an existing un-adjusted balance in the allowance for doubtful accounts of $10,800, meanwhile Blackhorse has estimated the amount to be $21,350 based on aging method. Simply subtract $10,800 from the $21,350 to arrive at $10,550. The above entries apply to recognize this additional provision.
b) Subsequent to year end, there was a write-off of $1,100, this means the accounts receivable balance would be reduced by this amount; same applies to the buffer (allowance account). The entries above apply.
You'll earn $761.90 in the acct of the $4,000
And you'll earn $333.33 on the acct of the2,000
So, yes the first one is the answer